We can do better than this. This study[1] at Microsoft reveals that TDD results in a defect reduction rate of between 40% and 90%, at a cost of 15%-35% increased development time. So, what's the best approach? It now becomes a business question. If speed of delivery is crucial and quality less so, don't use TDD. If quality is more important that speed, use TDD.
And finally, everyone involved in building software owes it to themselves to take an hour to go and watch this excellent video by Greg Wilson entitled "What We Actually Know About Software Development, and Why We Believe It's True" [2], and then perhaps dive in to the list of references from it [3], because you will find yourself more actually informed than anecdote and opinion will ever get you.
[1] http://research.microsoft.com/en-us/groups/ese/nagappan_tdd.... [2] http://vimeo.com/9270320 [3] http://www.gdb.me/computing/citations-greg-wilson-cusec.html